We live in a world of two realities.
In 2018, the Intergovernmental Panel on Climate Change called for a global effort to keep temperature rise below 1.5 degree Celsius, requiring greenhouse gas reduction efforts to increase fivefold. And while nations and businesses also have reached a consensus that the world must dramatically reduce greenhouse gas emissions, there hasn’t been nearly enough action taken. Sixty countries committing to net-zero emissions in 2019, but they only represent 11 percent of global emissions.
For many, a myriad of solutions without a definitive choice leaves nations and businesses floundering with an unclear path forward. Urgent action is needed to halve emissions by 2030 and to reach net-zero levels by 2050. Without a simplified, data-driven approach, we risk committing trillions of dollars to ineffective policies and losing invaluable time.
The Oliver Wyman Forum launched our Climate and Sustainability initiative to help close the gap between climate intent and action. We are taking a holistic approach that assesses the most material challenges and builds targeted, near-term solutions to reach 2030 goals, while keeping in mind our global objective to reach net-zero by mid-century.
Our climate solution plays between supply and demand forces. We need to eliminate the price gap between green and non-green consumption choices while also increasing capital investments towards green technologies and business models.
And behind those forces lie key enablers: Capital that’s driven towards green investments, comprehensive behavioral change across societies and business, and policy that aligns coronavirus-related fiscal stimulus packages and beyond to climate goals.
No solution is created in a bubble, and a global problem requires global voices. We’ll be convening senior leaders from business, government, public policy, academia, and broader society to eliminate the systemic barriers that beset effective change and make climate action happen faster. Please join us as we create tangible solutions to meet the immediate milestone of halving global emissions by 2030.